Last Thursday’s signals were not triggered as neither of the key levels were ever reached.
Today’s USD/CHF Signals
Risk 0.50% per trade.
Trades may only be entered between 8am and 5pm London time today.
Short Trade 1
• Short entry after bearish price action on the H1 time frame following the next touch of 1.0111.
• Place the stop loss 1 pip above the local swing high.
• Adjust the stop loss to break even once the trade is 20 pips in profit.
• Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
Long Trades
• Long entry after bullish price action on the H1 time frame following the next touch of 0.9997 or 0.9958.
• Place the stop loss 1 pip below the local swing low.
• Adjust the stop loss to break even once the trade is 20 pips in profit.
• Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to run.
The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.
USD/CHF Analysis
There is little to say about this pair as there has been no change to its technical situation over recent days, with the price in between and failing to reach either of the nearest key support and resistance levels. There is a short-term bearish trend marked by the trend lines in the chart below, and the absence of any long-term trend. There are probably going to be better opportunities elsewhere.
There is nothing due today regarding the CHF. Concerning the USD, there will be a release of Building Permits data at 1:30pm London time.